Will Russell, the Louisville businessman who purchased Guntown Mountain in Cave City in hopes of transforming the roadside attraction into the more carnival-like Funtown Mountain, has four business days remaining before defaulting on his state-backed loan.

Russell received a $250,000 loan for the project in February from the Kentucky Tourism Development Loan Program, according to Gil Lawson, executive director of the Office of Communications for the Kentucky Tourism, Arts and Heritage Cabinet.

Russell’s current payment of $2,109 was due Aug. 30, but there is a 15-day grace period, Lawson said.

At a meeting Wednesday of the Kentucky Tourism Development Finance Authority, the group authorized its legal staff to “take whatever legal steps necessary if he goes into default,” Lawson said.

The authority has not heard from Russell, Lawson said Thursday.

Turmoil has swirled in recent weeks around Russell and the amusement park overlooking Interstate 65 in Barren County. Russell has been arrested twice – once in Louisville and once in Cave City – since July, and Cave City officials on Tuesday shut down Funtown Mountain to the public, citing an array of code violations and safety hazards.

According to Funtown Mountain’s Facebook page, the attraction will host occasional events leading up to a full opening in spring 2016.

— Follow reporter Jackson French on Twitter at twitter.com/Jackson_French or visit bgdailynews.com.